The Denmark international has made it clear that he wants to leave the Gunners this summer and join a side where he is guaranteed a regular start.
He is thought to have attracted several suitors, with Arsenal's Premier League rivals Newcastle, Stoke and Sunderland believed to be interested as well as foreign big-guns Sporting Lisbon and Borussia Dortmund.
However, Bendtner trained with the North Londoners on Monday and is in the squad for the first leg of their UEFA Champions League qualifying tie against Udinese.
And while Gunners boss Wenger maintains he will let the 23-year-old go if he finds a club, the Frenchman insists his exit is not yet set in stone.
Speaking to the Daily Mirror, Wenger smiled: "In his interview Bendtner said he was gone. But I checked, and he's not gone at all!
"I promised I'd let him go if he found the right club and that hasn't changed. When I make a promise, I keep it.
"But if he doesn't find the right opportunity, he'll stay and fight for his place like everybody else. He looks sharp in training."